Increasing client referral rates and boosting efficiency are at the top of advisors’ list of New Year resolutions, according to a recent SEI survey.

Increasing client referral rates and boosting efficiency are at the top of advisors’ list of New Year resolutions, according to a recent SEI survey.

When asked to pick their top five resolutions for 2014, “increase referrals from current clients” was the number one choice, as cited by 85 per cent of some 800 advisors polled. This was followed by “systematize internal processes to increase efficiency” (67 per cent) and “integrate technology to increase efficiency” (59 per cent).

SEI’s survey also revealed that the majority of advisors are optimistic about 2014, with over two-thirds of respondents describing their mindsets as “cautiously optimistic,” while another 18 per cent said they were excited.

When asked to predict where the Dow Jones Industrial Average will be a year from now, 87 per cent of the advisors polled believe it will be higher than it is today. Over half (55 per cent) predict it will be between 16,500 and 17,500, while 21 per cent estimate between 16,000 and 16,500. Meanwhile, 10 per cent of advisors think it will be above 17,500, while only 13 per cent believe it will be below 16,000. 

As well as the above-mentioned, other resolutions identified by advisors included: meet new centers of influence (59 per cent); be more selective of new clients for fit (48 per cent), and find more prospects through social media (31 per cent).

Although advisors generally expressed optimism heading into the New Year, just under half (41 per cent) said a market pullback was their biggest concern going into 2014, followed by tapering (24 per cent) and tax increases (15 per cent).